soCash Expands Cardless Withdrawal Service

Local fintech company soCash is tying up with grocery retailer HAO Mart to provide cardless cash withdrawals at HAO Mart’s 40 stores within the city state. This follows soCash’s series of tie ups with the likes DBS, POSB, and Standard Chartered Bank to provide ATM-free access to cash across Singapore.

Cardless withdrawal available in Over 1,000 locations

Its cash network platform now comprises more than 1,000 locations around Singapore; with its service available at other retail chains such as SPH Buzz, U Stars supermarket, iECON stores, U Mart and 7-Eleven.

With the soCash app, customers can now key in the sums they want to withdraw before proceeding to the nearest HAO Mart outlets to collect the cash instead of queueing up at ATM machines

Mr Hari Sivan

Mr Hari Sivan, CEO of soCash, noted how both parties, and ultimately shoppers, would benefit from increased access to cardless cash withdrawals.

“By applying our technology to HAO Mart’s heartland-based network of outlets, soCash has taken another significant step in making cash available at around every corner. At the same time, we hope that our app’s integration with HAO Mart’s cashpoints will translate into more footfall to its outlets.”

“By turning the stores into one-stop retail and cash points, shoppers may be more inclined to visit HAO Mart for their everyday grocery needs,” he continued.

Cash still relevant in Singapore

Despite the notable efforts by MAS and the Singaporean government’s push for a “less-cash” society, removing cash from its throne still proves to be a difficult challenge. A survey conducted by Paypal indicates that 90% of their respondents still prefer cash a payment method.